This week’s Baker Hughes figures saw the largest jump in the American natural gas and oil rig count this year.
The combined count stood 17 rigs higher than the same count last week, bringing the domestic figure to 481 rigs—a figure that is still 403 below the year-ago rig count.
Most of this week’s spike occurred in the oil rig count, which saw a jump of 15. Two new gas rigs went into production as well.
The jump came after six weeks of consecutive increases in the U.S. rig count, and could signal a recovering drilling economy despite the continuing pressure on prices.
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Image source: Zerohedge.com
WTI stands at $44.39 at the time of this writing, up 2.07% over yesterday’s close.
The data follows last week’s U.S. oil and gas rig count increasing by a single rig, with the oil rig count jumping seven last week, offset by the gas rig count falling by five, and miscellaneous rigs falling by one.
Texas was the big winner this week, with 13 extra rigs put into production. Texas is still down 159 rigs over last year, with 230 rigs currently in production.
By basin, The Permian Basin added 12 rigs, down 66 from a year ago. Utica, Granite Wash, and Williston also each added rig, while Haynesville and Eagle Ford each lost a rig.
By Zainab Calcuttawala for Oilprice.com
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